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India's finance minister to propose building 4 new major ports in budget
INDIA's Finance Minister Arun Jaitley is expected to announce in his budget for 2016-17 a proposal to build four new major ports to meet projected growth in demand.
The new ports would be constructed at Dahanu and Dugarajapatnam in Andhra Pradesh, Colachel (Tamil Nadu), and Sagar (West Bengal) at an estimated cost of INR320 billion (US$4.7 billion), reported New Delhi's Business Standard.
A study by McKinsey and Aecom for the Ministry of Shipping underlined the need of building coastal capacities to meet future cargo volume, as it forecasts coastal bulk traffic will increase at an annual growth rate of 22 per cent to reach 750 million tonnes by 2025.
The study estimates that container traffic at Indian ports will grow 6.5 per cent annually to reach 21.5 million TEU by 2025, up from 10.7 million TEU in 2013-14. With programmes such as "Make in India" and development of the industrial corridor, traffic may even grow as high as 24-25 million TEU by then.
The report also projects that in 2025 the nation's overall bulk traffic will increase to 1,850 million tonnes a year, up from 857 million tonnes in 2013-14.
Currently, the handling capacity of major ports in India is said to be sufficient to match trade demand. The capacity of all the major ports as on March 31, 2015 was 871.52 million tonnes.
The new ports would be constructed at Dahanu and Dugarajapatnam in Andhra Pradesh, Colachel (Tamil Nadu), and Sagar (West Bengal) at an estimated cost of INR320 billion (US$4.7 billion), reported New Delhi's Business Standard.
A study by McKinsey and Aecom for the Ministry of Shipping underlined the need of building coastal capacities to meet future cargo volume, as it forecasts coastal bulk traffic will increase at an annual growth rate of 22 per cent to reach 750 million tonnes by 2025.
The study estimates that container traffic at Indian ports will grow 6.5 per cent annually to reach 21.5 million TEU by 2025, up from 10.7 million TEU in 2013-14. With programmes such as "Make in India" and development of the industrial corridor, traffic may even grow as high as 24-25 million TEU by then.
The report also projects that in 2025 the nation's overall bulk traffic will increase to 1,850 million tonnes a year, up from 857 million tonnes in 2013-14.
Currently, the handling capacity of major ports in India is said to be sufficient to match trade demand. The capacity of all the major ports as on March 31, 2015 was 871.52 million tonnes.
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